Cheniere Energy LNG is inching closer toward producing the first liquefied natural gas from the expansion project at its Corpus Christi Terminal in Texas. The company has hit a milestone with the Federal Energy Regulatory Commission’s (FERC) approval for the start-up of a supply line at the expansion project.

The go-ahead from the regulatory body allows Cheniere to transport the liquefied natural gas to the storage facilities from the plant. From there, the gas would be moved further to a LNG tanker for export.

Cheniere Energy is the second-largest producer of natural gas globally. Being the largest exporter of liquefied natural gas in the United States, the company has played a major role in making United States the largest exporter of liquefied natural gas.

The company expects its Corpus Christi Stage 3 facility to have a production capacity of around 10 million metric tons (mtpa) of liquefied natural gas per year with seven gas-processing units. LNG look forward to achieving the first liquefied natural gas production from Stage 3 of the facility by year-end 2024. The Corpus Christi Stage 3 facility should help in expanding Cheniere’s export capacity.

LNG’s Zacks Rank and Other Key Picks

Currently, LNG carries a Zacks Rank #1 (Strong Buy).

Some other top-ranked stocks in the energy sector are PEDEVCO Corp. PED, Archrock Inc. AROC and FuelCell Energy FCEL. PEDEVCO and Archrock presently sport a Zacks Rank #1 each, while FuelCell Energy carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

PEDEVCO is engaged in the acquisition and development of energy assets in the United States and Pacific Rim countries. PED stands to benefit significantly from its holdings in the Permian Basin, one of the most prolific oil-producing regions in the United States and the D-J Basin in Colorado, which includes more than 150 high-quality drilling locations. Combined with bullish oil prices, this is expected to boost the company's production and overall profitability.

Archrock is an energy infrastructure company based in the United States, with a focus on midstream natural gas compression. It provides natural gas contract compression services and generates stable fee-based revenues.

FuelCell Energy is a clean energy company offering low-carbon energy solutions. It produces power using flexible fuel sources such as biogas, natural gas and hydrogen. The company designs fuel cells that generate electricity through an electrochemical process that combines fuel with air, reducing carbon emissions and minimizing the environmental impact of power generation. As such, the company is anticipated to play a crucial role in the energy transition by enabling industries and communities to shift from traditional fossil fuels to low-carbon alternatives.